Commonwealth Bank Extra Home Loan Review | Finder

Commonwealth Bank Extra Home Loan

Last updated:  

The Commonwealth Bank Extra Home Loan offers minimal fees and competitive, discounted interest rates. The loan has options for borrowers with large and small deposits, and rates for owner-occupiers and investors.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Expert review

Richard Whitten

Review by


Richard Whitten is a senior writer at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.

Expert review

The Commonwealth Bank Extra Home Loan is available to both owner-occupiers and investors for purchase or refinance. It offers discounted interest rate and various options depending on the size of your deposit.

About this loan

What are the features and benefits of the Commonwealth Bank Extra Home Loan?

  • Loan amount and loan to value ratio. The Commonwealth Bank Extra Home Loan has a low minimum borrowing amount of $150,000 and no maximum borrowing amount. The maximum loan to value ratio is 95%. Borrowing more than 80% will incur a lenders mortgage insurance (LMI) premium. Some of the lower discounted rates for this product require a 30% deposit, however.
  • Free redraw. The Commonwealth Bank Extra Home Loan allows you to make extra repayments without penalty. You can access these extra funds using the loan's redraw facility. However, there's a minimum redraw amount of $1,000.
  • Low fees. The Commonwealth Bank Extra Home Loan carries no application or ongoing fees.

What fees and charges come with this loan?

  • Settlement fee: $200. This one-off fee covers the cost of funding your home loan.
  • Discharge fee: $350. This fee is charged when you close your loan account, either through refinancing or repaying your loan in full.

How to apply

If you think the Commonwealth Bank Extra Home Loan is the right product for you, contact the lender directly or speak to a mortgage broker.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site